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TAX ON FOREIGN INCOME

Posted 14 February 2015 under Tax Q&A


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What EXACTLY does this mean:"Foreign tax credits for this period (6 months) - if you earned money from overseas and any taxwas withheld or paid, include that amount here"?I get rental money (paid into an account in the UK) from a flat I own in London. I have to pay tax on that in the UK. So what does the above mean as far as I am concerned (I'm completing my second IRP6 for 2014-2015 period)?

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TaxTim TaxTim says:
15 February 2015 at 18:51

You would include any of the tax you paid in the UK and complete it in this section of the return.

Polly says:
15 February 2015 at 19:31

Thanks very much.
So that means that I must also include in the line labelled 'Turnover' the rent I received in 2014-2015 minus (I assume) the deductible expenses (in UK terms) that I incurred that were related to the letting of the flat?

TaxTim TaxTim says:
17 February 2015 at 12:24

The rent will go under Turnover, but the actual net income will go under the Estimated Taxable Income.


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